Usually, when one thinks of a career in mathematics, they think of ivory tower recluses contemplating the nature of the universe through numbers. The truth is quite the opposite. One of the largest of the STEM (science, technology, engineering, math) career paths is the actuary and by the very nature of their profession they are one of the most grounded of the fields. A love of numbers and a bachelor science degree can start one on this career path.
According to the Bureau of Labor Statistics, actuaries deal with risk. They decide how likely things such as death, sickness, injury, disability, and loss of property are to occur, as well as the costs of these things. They also decide how much money it will take in order to get a certain amount of retirement income. They help design insurance policies, pension plans and try to make sure any risk is sound. Actuaries may need to explain their findings to company executives, government officials, the public and may even testify in court as experts
In other words, they are the backbone of the insurance industry. They can also work for consulting firms, where their expertise in risk assessment can be used in a number of other ways. If you look at TV shows such as Numb3rs, a lot of the science the stars use is actuarial.
Actuaries must have a strong background in both math and general business. To start in the field, one must have a Bachelor’s degree in math, actuarial science, or statistics, although there are actuaries who have degrees in economics, finance, or accounting.
Most universities have actuarial science programs. It’s usually a good idea to talk to a career counselor to learn what is actually in the curriculum. Even with a degree, graduates also have to take a certification exam before they earn a full position. Luckily, many insurers and similar firms will hire the graduate while they study for the actuarial exam online.
There is an incredible need for this profession. This is certainly reflected in the salary. According to the Bureau, the bottom end of an annual wage is nearly $50,000 a year. The average actuary wage ranges from $90,000 to $110,000, depending on which industry he or she is in, and where they are located. The top ten percent exceeds over $160,000 before going into upper management. These jobs almost always come with superlative benefits packages, including investment and retirement programs, extended vacations, continued education packages and, naturally, life and health insurance.
As actuarial science is considered a STEM field, it is open to more than the usual avenues for financial aid. Not only can a student get a standard Pell Grant, but also is open to an S-STEM grant from the National Science Foundation. Also, many professional organizations inside the finance and science communities have grant funds.
If this rigorous discipline is the kind of thing one might be interested in learning more about, a good place to start is with their main professional organizations, the Society of Actuaries and the Casualty Actuarial Society. Starting with bachelor science degree qualifications, you’ll find many possibilities open. A degree in technology is a requirement in many of the associate fields.
Filed under Home Insurance by on May 6th, 2010. Comment. 
What is the cost of homeowner’s insurance on a $100k property ?
I am a single, first-time homebuyer and am curious how much I should expect to pay per month for homeowner’s insurance. My home budget is $100k and under; I will likely purchase a foreclosure and/or condo/townhouse. I have been steadily employed at the bank where I work for 3 years, have no debt aside from credit cards which I usually pay in full every month, and my FICO is 719. I know the rates will vary but if you can help with a realistic ballpark that would be helpful. I would also like to know which types of properties will have lower insurance rates. Helpful answers are appreciated.
It can be anywhere from $400 to $5,000 a year, depending on coverages, location, your credit score, and claims history, and the age/condition of the house.
For cheaper rates, stay away from houses more than 25 years old, or more than 5 miles from a fire department, or made from wood, or in the states of TX, LA, FL, or CA, or anywhere coastal, or near a large body of water.
Condos LOOK cheaper, but catch you on the fees.
I think you really need to talk to a local real estate agent. When you look at properties, one of the things on the sheets is insurance and taxes cost.
Filed under Home Insurance by on Feb 27th, 2010. Comment.
The whole world is experiencing climatic change, different countries all across the globe have experienced monstrous calamities. The freak rainstorm in Guandong China, major typhoons in Philippines, tsunami in Samoa and even the USA have experienced tragic calamities like Hurricane “Kathrina”.
California is home to many of destructive and devastating natural disasters from wildfires to earthquakes in the US. Because of this, Californians do precautionary measures to help them in the event of catastrophic national disaster. One of which is acquiring home insurance. Many home insurance agencies in California offer fast insurance quotes and even online quoting but how does one choose the right insurance agency? Some insurance agencies claim they have the “friendliest” home insurance quotes but before signing that agreement here are some tips to consider before choosing the right homeowners quotes. It’s all about the policies.
Make sure that the insurance agency has a wide and clear policy coverage. Take for example what has recently happened to the Philippines. A major typhoon has left many Filipino homeowners with home insurance that did not cover the mentioned calamity. Their homes were devastated by massive floods due to heavy rain but according to their insurance agencies flood due to heavy rain is an “act of god” which is not included in their list of policy coverage.
According to the department of insurance almost 90% of homeowners do not have earthquake insurance and California being prone to earthquake; it is highly advisable to make sure your home insurance covers such natural disaster. Damages which origin came from natural disaster are covered in certain insurance agencies’ policies however there are exceptions some of the significant ones are flood, earthquakes and poor maintenance. So if your home is based in earthquake and wildfire prone areas like in California, financial institution will ask you to purchase earthquake and wildfire insurance.
Find out if your home or possession will be insured for replacement cost or actual value amount.
Replacement cost is the exact amount to be used in repairing or replacing your home and possessions without deducting for depreciation while actual cash value is the exact amount after depreciation that will be used to repair or replace your home or possessions.
The owner’s copy of their insurance polices is very crucial in the event that they claim for their insurance. it is highly advisable to keep your copies safe. Avoid it from getting tampered or damaged as it might hinder your claim when the need arises.
Always contact your insurance provider whenever you appraise your home to update you policy accordingly.
Consult your insurance provider to confirm if your policy if covers additional living expenses for a temporary residence if your home is devastated from a disaster and you are unable to live in your home due to the heavy damage it received. This is very important especially to those homeowners who have no relatives living near California.
Most insurance agencies offer “friendly” home insurance quotes to lure prospects to acquire their insurance services. Bear in mind that before signing an insurance deal contract make sure that the insurance agency covers most of the possible contingencies that might cause damages to your home especially in natural disaster prone areas.
A computer graduate and loves to travel. Reading current news in the internet is one of his past times. Taking pictures of the things around him fully satisfies him. He loves to play badminton and his favorite pets are cats and walk with them in the park with some dogs.
You may want to get your free Home Insurance Quotes in California or visit the Reseda Home Insurance Quotes website for more information and ideas.
Filed under Home Insurance by on Dec 25th, 2009. Comment.